Markets end flat; Sun Pharma rises on Ranbaxy acquisition

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 Markets end flat; Sun Pharma rises on Ranbaxy acquisition
Sensex27,941.51Sensex Quote25.61 [0.09%]
Nifty8,638Nifty Quote22.75 [0.26%]
Markets ended the day flat on weak global cues following a sell-off in technology stocks in the US and Europe.

The Sensex ended the day lower by 16 points (provisional), while the Nifty ended the day with a gain of 0.70 points. Among the top losers in trade were banking stocks which saw some loses with ICICI Bank and Federal Bank losing ground. Mid cap stocks like Karnataka Bank, Oriental Bank and Union Bank were the hardest hit among mid sized banking stocks.

Sun Pharma which said that it was going to acquire Ranbaxy Labs closed the day with gains. Ranbaxy, however, ended the day with losses.

The biggest loser from amongst the Nifty stocks was Jindal Steel which dropped almost 6 per cent in trade. IT stocks saw some selling pressure after a global rout in technology stocks with Infosys and Tech Mahindra dropping more than one per cent.

Heavyweights, Reliance Industries and ITC were also subdued in trade.

Meanwhile, European markets were trading with losses, while most of Asia ended the day lower. The Japanese Nikkei ended the day with losses of more than one per cent.

Story first published: Monday, April 7, 2014, 14:41 [IST]
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